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Oh Dear (naughty BTL'ers)
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I think CGT is the one that a lot of amateur BTLers conveniently forget to put on their tax returns. A semi competent IR would catch these lot quite easily but I suspect they'll get away with it. -
I can't believe many landlords are actually stupid enough to think they'd get away with it - especially the ones using managing agents.
I know HMRC is the Acme of incompetence, but the consequences of not declaring substantial amounts of rental income year upon year are severe indeed (ending in gaol, probably).
Never mind selling without paying CGT! How does one do that anyway? Do they not employ solicitors who are obliged (AFAIK) to inform the tax man?
You've come right out the other side of the forest of irony and ended up in the desert of wrong.
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Originally posted by bogeyman View PostNever mind selling without paying CGT! How does one do that anyway? Do they not employ solicitors who are obliged (AFAIK) to inform the tax man?Comment
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Have you read the letter? It's obvious what HMRC are doing - they will just send out millions of these letters to targeted areas where individuals are likely to own BTL property.
Then they will sit back and pray that a reasonable % of these letters reap a "fair" amount of tax.
You really didn't think that any government department is clever enough to actually do this properly?Comment
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Originally posted by TazMaN View PostHave you read the letter? It's obvious what HMRC are doing - they will just send out millions of these letters to targeted areas where individuals are likely to own BTL property.
Then they will sit back and pray that a reasonable % of these letters reap a "fair" amount of tax.
You really didn't think that any government department is clever enough to actually do this properly?Comment
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Originally posted by bogeyman View PostI know HMRC is the Acme of incompetence, but the consequences of not declaring substantial amounts of rental income year upon year are severe indeed (ending in gaol, probably).“The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”Comment
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It's great to see the government trying to squeeze every single penny of tax they can from the most difficult and/or unlikely of sources.
Just goes to show what a farce they've made of public finances that they now have to go around begging for taxation. I hate incompetence, ineptitude and arrogance - all features of the current government.Comment
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Originally posted by shaunbhoy View PostOr at least it might pan out that way if our Judiciary were not being "advised" by the HMG to consider non-custodial sentences for all but the most heinous of crimes because the gaols are full to bursting. You know the sort of villain they want to incarcerate, those pensioners that refuse or simply cannot afford to pay their Council Tax. Crucifixion is too good for THEM.
They can always find a cell for tax dodgers. It's the muggers and stabbers that seem to require lenient sentences.
You've come right out the other side of the forest of irony and ended up in the desert of wrong.
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